HSBC adds new mortgage options on back of base rate cut

HSBC Bank will cut its variable mortgage rate by 0.25% to 6.25% from 1 May 2001 following yesterday's Bank of England announcement. Under HSBC's mortgage 'price promise', launched in July 2000, the bank pledged its Home Buyer variable rate would never be more than 1% over the Bank of England base rate. Homeowners borrowing over £250,000 will also see their interest rate fall by 0.25% to 6%. Such moves are on the back of developments in HSBC's mortgage department this week. A new mortgage deal allowing borrowers to pay interest only for the first three years of their mortgage has bee...